Tasnee Gets Competition Nod for 700M SAR AlRowad Sale

Tasnee received a no-objection letter from the General Authority for Competition for the sale of its wholly owned subsidiary AlRowad Industrial Transformation Company to Tahweel Holding, the company announced on Tuesday.

The deal, valued at 700 million Saudi riyals, was first disclosed in March. The competition authority's clearance satisfies one of the condition precedents under the share purchase agreement.

Tasnee said the parties will continue working toward the remaining conditions, requirements and procedures needed to close the transaction. Any material developments will be announced in due course, the company said.